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By Toni Vorobyova
LONDON, Dec 6 (Reuters) - The dollar struck a one-month high against a basket of currencies on Thursday, as a rate cut from the Bank of England confirmed investors' views that credit and subprime troubles were a global, and not just a U.S. problem.
Sterling fell to a fresh two-month low versus the dollar after the BoE cut rates by 25 basis points to 5.50 percent.
Markets had priced in an around 80 percent chance of a move following weak housing and service sector data, but economists had been more divided, with many seeing policy on hold.
The BoE cut follows a surprise easing from Canada on Tuesday, suggesting that the economic fallout from the U.S. subprime mortgage crisis and the subsequent credit crunch is not limited to the United States.
The European Central Bank is expected to leave rates on hold at 1245 GMT, but analysts reckon it will downgrade its growth forecasts and that ECB President Jean-Claude Trichet may sound a more cautious note at the 1330 GMT news conference while still stressing the upside risks to inflation.
"The whole idea of decoupling has suffered some fairly mortal blows this week... I think it's inevitable that we will see a slowdown being spread across the globe and it will be interesting to see how much of that is seen in the ECB statement (today)," said Jeremy Stretch, strategist at Rabobank.
"The realisaiton that it's not just a dollar problem is again in vogue."
Sterling fell to a fresh two-month low of $2.0183 <GBP=>, down 0.2 percent on the day.
The dollar index .DXY, a gauge of its performance against six major currencies, was up 0.3 percent on the day at 76.725, around its highest levels in over a month.
The euro hit a three week low of $1.4529 according to Reuters data, well off a record high of $1.4966 reached last month <EUR=>.
On Wednesday, the euro posted its biggest one-day drop since July 2006, with the dollar cheered in part by a stronger than expected reading from the U.S. ADP private sector jobs report.
The data prompted some economists to revise up their forecasts for Friday's non-farm payrolls report, while the futures market slightly trimmed bets of a 50 basis point U.S. rate cut to around 40 percent from around 50 FEDWATCH.
However UBS cautioned against reading too much into the ADP report.
"The relationship between ADP and non-farm payrolls on a monthly basis is patchy, the bank said in a research note.
"Based on more reliable indicators, our economists maintain their non-farm payrolls forecast of 25,000...but do signal upside risks to their projection."
A 25 basis point easing by the Federal Reserve to 4.25 percent is fully priced in for next Tuesday.
The last piece in payrolls-forecasting jigsaw is due at 1330 GMT, in the shape of the weekly U.S. jobless claims numbers. (Reporting by Toni Vorobyova)